Saudi Vision 2030

Saudi Vision 2030 Overview

Saudi Vision 2030 is a transformative blueprint for the Kingdom’s future, focusing on economic diversification, social development, and technological advancement.

Launched in 2016 by Crown Prince Mohammed bin Salman, the vision aims to reduce Saudi Arabia’s dependence on oil, empower the private sector, and position the country as a global investment hub. Through ambitious initiatives and strategic reforms, Saudi Arabia is reshaping its economic landscape while ensuring a vibrant society and a thriving, knowledge-based economy.

Key Pillars of Saudi Vision 2030

Economic Diversification & Localization: Reducing reliance on oil revenues by expanding industries such as manufacturing, mining, tourism, and entertainment.
Privatization & Foreign Investment: Transforming government-controlled sectors into private sector-led opportunities and attracting foreign direct investment (FDI).
Industrial Development: Strengthening local manufacturing, advancing industrial technologies, and expanding the mining and petrochemical sectors.
Digital Transformation: Enhancing smart city infrastructure, artificial intelligence (AI) applications, and advanced automation across industries.
SME Growth & Entrepreneurship: Increasing the contribution of small and medium enterprises (SMEs) to GDP from 20% to 35% by 2030.
Human Capital Development & Saudization: Empowering the Saudi workforce through skills development, nationalization programs, and employment opportunities.
Sustainability & Renewable Energy: Achieving 50% renewable energy production by 2030, reducing carbon emissions, and expanding the green economy.

EPS Support Services Alignment

EPS Support Services plays a pivotal role in helping organizations align with Saudi Vision 2030 objectives by offering tailored consultancy, strategic planning, and implementation support across key industries.

IKTVA Program Support

The In-Kingdom Total Value Add (IKTVA) program is central to Vision 2030’s localization strategy, focusing on enhancing local content and Saudi workforce participation. EPS provides:

IKTVA Readiness Assessment: Analysing a company’s current localization standing and identifying improvement areas.
Local Content Development Roadmaps: Designing strategies to increase Saudi participation in supply chains.
Supply Chain Localization Planning: Identifying local sourcing opportunities and partnerships.
Manufacturing Localization Feasibility Studies: Supporting foreign companies in setting up local manufacturing units to align with IKTVA requirements.

Saudization Excellence

To meet Saudization targets, organizations must develop and retain Saudi talent effectively. EPS assists in:

Saudization Compliance Strategy Development: Ensuring alignment with Ministry of Human Resources and Social Development (HRSD) regulations.
Talent Acquisition & Development Programs: Identifying, recruiting, and upskilling Saudi nationals in key industries.
Knowledge Transfer Frameworks: Facilitating technology and expertise transfer from international firms to local professionals.
Succession Planning for Key Positions: Preparing Saudi professionals for leadership roles in various sectors.

Aramco Localization Support

Aramco’s commitment to Vision 2030 drives the need for local supplier development. EPS provides:

9com Approval Facilitation for Local Manufacturers: Helping companies meet Aramco’s stringent qualification criteria.
Technical Capability Enhancement for Local Vendors: Aligning businesses with Aramco’s quality and technical standards.
Local Manufacturing Facility Development Consulting: Assisting companies in establishing production units that cater to Aramco’s requirements.
Joint Venture Facilitation with Saudi Partners: Encouraging strategic partnerships to enhance in-Kingdom operations.

Industry Sector Development

Vision 2030 prioritizes key sectors that drive economic transformation. EPS delivers specialized support in:

Energy & Renewable Sectors: Supporting localization and technology transfer in solar, wind, and hydrogen energy industries.
Manufacturing & Industrialization: Establishing smart factories and deploying Industry 4.0 technologies to enhance competitiveness.
Mining & Mineral Processing: Aligning with Saudi Arabia’s aim to triple the mining sector’s contribution to GDP by 2030.
Quality Management Systems: Implementing ISO and industry-specific standards to enhance manufacturing competitiveness.
Export Capability Development: Assisting companies in expanding to regional and global markets as part of the vision’s trade expansion goals.